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tv   [untitled]    July 1, 2014 1:00pm-1:31pm PDT

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>> good afternoon, everyone today is tuesday, july 1, 2014, this is the san francisco community investment & infrastructure commission i'd like to call this meeting to order at one 15. please call roll >> thank you, madam chair the first order. commissioner members please record >> commissioner ellington. commissioner mondejar. commissioner singh.
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commissioner rosales. chairperson johnson. all members of the commission are present. the next order of business is announcements a the next meeting will be held on tuesday july 15th at 1 o'clock at city hall room 416 and announcement of the prohibition of the please be advised the ringing of and use of cell phones, pagers and similar sound-producing electronic devices are prohibited at this meeting. please be advised that the chair may order the removal from the meeting room responsible for the ringing or use of a cell phone, pager, or other similar sound-producing electronic devices. c nauchlt of the time allocate of the public members of the public may address the commission up to 3 minutes on each agenda item. it is strongly recommend that pubs who wish to address the
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commission please fill out a card and submit it to the commission secretary. item 3 report an actions at the previous closed session if any. no reportable actions next order of business matters of unfinished business no items. the next order of business it item 5 the matter consisting of new consent calendar. first item 5 a the minutes of may 20th and 5 b approval of the minutes of june 3rd, 2014. >> thank you very much commissioner members should have received those minutes we'll take the public comment and discussion together and then we'll act on the items
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separately any public comment on that item on both sets of minutes. >> no comments. >> thank you very much anyone have any comments or changes. seeing none, let's act on the first minutes the minutes from may 20th, 2014, >> i move we approve the minutes. >> thank you very much a second. >> thank you madam clerk wall roll. >> commissioner ellington. commissioner mondejar i ab abstain >> commissioner singh. commissioner rosales. chairperson johnson. >> sorry. >> 4 i's and one attenuation. >> slow it down i'll entertain a motion on the second set of minutes. >> so moved. >> thank you very much is there
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a second madam clerk call roll. >> commissioner members. commissioner ellington. commissioner mondejar abstained i was absent >> commissioner singh. commissioner rosales. chairperson johnson. there are 4 i's and one at about stipulation >> next item please. the next order of business is the regular consent calendar 5 c for the xhifrping of the reagency of the city and county of san francisco community facilities district 7 hunters point shipyard phase one improvement not to exceed $40 million approving a preliminary official assessment and the constitutions of the statement and other actions properly relating there hunters point shipyard the confirming
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reduce the resolution number 47, 2014 >> madam director. >> thank you. here we go thank you make secretary good afternoon to the commissioners and members of the public. commissioner as you recall we undertook those changes for the related acts for important this hunters point shipyard the development is well underway on the housing on the hilltop this is the final action at the commission level to approve the issuance of the bonds as well as the preliminary official statement. there are a number of other steps that will take place. this is the final action with that, i'd like to ask our hunters point shipyard project manager to present this item.
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>> hello. there you go. thank you make director chairperson johnson and members of the commission for the hunters point shipyard. today, the commission is confirming the authorization to issue special tax bonds for the redevelopment for the hunters point shipyard phase one improvements in an amount not to exceed $40 million. i also will be approving the statement authorizing the official statement and paragraphing others action. for your consideration the hunters point shipyard we'll give an overview and lastly give you a forward look at marketing the bonds. ultimately we're seeking to refinance the variable rate
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bonds and on april 15th the bond process started the board gave it's approval and this is the final commission approval for the bonds to be issued later this month. the shipyard will be developed in two projects including the hunters point shipyard and the candle sticks bay area totally acres in san francisco. this agreements for the agreement were executed in 2010 for the phase of the shipyard and candle sticks the cf d-7 and 8 are over the geography boundary which phase one and two this is the critical part of the financing the shipyard development and the issue before you there will be no authorization. we're going to look at the bonds
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not to exceed $40 million to replace the bond issuance as you recall the credit was needed no 2005 when the shipyards yard was being developed and had a low land dike he knew we wanted to convert this but explicit see that until last year but today, you'll hear the shipyard has over $20,000 shipyard and can support of the bonds. before we begin i want to give you a quick update we've got 4 hundred unit and approximately 2 hundred address 50 units are under construction today. i can see the blocks under construction outlined in the
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blue doted line. here are construction project photos block 51 after the 2014 groung and excavation was beginning and by august and september the shoring had been implemented and the foundation footings were being installed. you'll see more progress here block 51 and the garage podium. and then today a few months ago we've got go buildings getting ready for their occupancy. under the cf d-$730 million bond were used for the parks and facilities and for the shipyard and the portion time were to
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develop the program and complete the bond and the cf d-8 was formed. to determine the maximum size the properties were accessed the prior valued the property at over $127 million that supports bonds over $420 million this is the value to lean 3 to one that will exposed our minimal requirements of is lean ratio of 3 to 1. our cf d policy says if there's a less than a valued uniform we may get a line of credit,
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however, if there's no credit risk we get an exception of a line of credit. for the consideration of public benefits the project is taking delipidated vacant, land and prouz new housing and jobs and parks and infrastructure and other benefits program. this is - my a apologizes the slides are out of sync. i'm going to go to the overhead.
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so i'll begin again for the consideration of public bins the project is taking delipidated land and having new houses and parks and community benefit programs so the benefits to the city is clear. also there is on unusual credit risk by the 3 to 1 phase 1 benefits lane arrest has paid
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their takes and mainly the hilltop infrastructure is complete will be 3 hundred and 50 units last year and plans probation officer to complete the hillside development. lastly to the point of unusual credit risk there's none demonstrate by lane arrests great capability they've expended over $70 million on phase one and posted performance bonds and a guarantee they've demonstrated a commitment to the overall project. rewinding to april 1st we began
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to rephrase the 8 and 9 a m a and for the tax advisors the commission authorized the bond to refund the bonds not to exceed $40 million. that day the commission authorized the selection of in this case last the underwriter working to underwrite the tradition traction and this is the fiscal agreement and the
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bond purchase agreement bonds must be approved by the dings pursuant to that the authorization was given on april 28th and on may 6th there was no objection to the voters of the shipyard and to have other changes to the r m a so the election was held and the r m a concluded the changed changed procedures and they have the first reading to levy the tacks one ordinance received 7 and one the 8. on may 20th the commission conducted a second reading and
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adapted them on may and june 20th the department of finance especially upheld the approval of the bond issuance this is the ordinance for the action and later we'll take the steps to market the bonds that concludes my presentation. if you have any questions, i'll be happy to answer them thank you. thank you very much. let's take any public comment on that item? >> i there are no speaker cards. >> looked like to move to questions from fellow commissioners we've seen this item a few times at the commission. yeah. no questions okay. so i'd like to entertain a motion to let's see - i'm sorry
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commissioner singh. >> thank you commissioner singh to the reference to the $21 million in performance bonds are the bonds the city requires for a permit so the bonds are in the custody in the department of public works to be used if the contractor didn't complete the infrastructure. >> (inaudible). >> and commissioner singh in the $5 million public guarantee for phase one in the agreement and it's to be used if the developer defaults if there's outstanding costs.
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and from the underwriters will address that. >> good afternoon currently, the estimated trick or treat is 5.7 and that could change i'd stimulating estimate from 5 and a half to 6 percent. >> okay. thank you. okay. if there are no further questions i'd like to entertain a motion for the bonds >> i second. >> thank you very much madam secretary call the roll. >> commissioner members. commissioner ellington. commissioner mondejar. commissioner singh. commissioner rosales chairperson johnson and this is a note
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obviously the motion itself i kind of shortened it. >> okay. the vote is 5 i's. >> thank you very much. next item please. the next order of business is item 5 d. adapting an environmental review pursuant to the california are environmental act and approving a major application with the marin shipyard, llc on block 52 by current wood street for 74 unit at the hunters point shipyard including a schedule of performance report and b the housing data